A sinking fund is set up by the Body Corporate / Owners Corporation to cover the costs of future capital expenses, which include for example, painting the building, driveway refurbishment, replacement of common property items like carpets, roofing and guttering and lift overhauls.

QBM operates throughout Australia and has an extensive network of franchisees successfully servicing all Bodies Corporate and Owner’s Corporations with the same knowledge and expertise that the founder, Donald Pitt demonstrates.

New South Wales

10-year sinking fund plans

From July 2009, all strata schemes are required by law to have a 10‑year sinking fund plan in place (Section 75A of the Strata Schemes Management Act 1996).

This means that owner’s corporations must plan how they will repair and maintain common property and raise sufficient funds to cover the costs. The amount required for the 10‑year plan will vary between schemes, for instance, newer schemes may require relatively less money than the plans for older schemes with more repair work due. Each sinking fund plan should reflect the individual needs of its scheme.

The 10‑year plan must be approved by owners at an annual general meeting (AGM) and must be reviewed and adjusted, if required, in the first five years.

A guide to planning

There are a series of steps that are repeated during each 10‑year cycle following the development of the first 10‑year plan.

AGM 1st year: the owner’s corporation appoints someone to prepare the sinking fund plan. The plan must cover 10 years from the date of the AGM and must be completed in time for the following AGM.

AGM 2nd year: the finalised plan is presented to the owners and is to be used as the basis for determining sinking fund contributions.

AGM 3rd and 4th years: the sinking fund plan is to be used as the basis for determining contributions (levies).

AGM 5th year: the sinking fund plan must be reviewed and any necessary adjustments made. The sinking fund plan continues to be used as the basis for determining contributions at the following AGMs.

AGM final year of 10‑year plan: the owner’s corporation appoints someone to prepare a new 10‑year sinking fund plan for finalisation by the AGM the following year.

What if my scheme does not develop a plan?

While there are no penalties in the legislation for owner’s corporations who do not develop a 10‑year plan, any owner can apply to the Consumer, Trader and Tenancy Tribunal for an order instructing an owner’s corporation to meet its obligations to develop a plan.

Raising funds

The owner’s corporation can decide how they want to raise contributions from owners, for example, yearly, half‑yearly, quarterly or monthly. For many strata residents, paying smaller amounts on a more frequent basis may be more affordable than paying larger amounts on an annual basis. Alternatively, owners may agree to wait and raise a large special levy or borrow money when major work needs to be done.

In the end, the financial implications of each way of raising funds should be carefully considered by each owner’s corporation.

The sinking fund plan must show how funds for particular expenses will be raised so all owners and prospective buyers are aware of their future liabilities and can plan their finances accordingly.

Calculating contributions

The owner’s corporation must make a resolution at each AGM for an amount to be credited into the sinking fund for the following 12 months and must levy each owner for their contribution.

The total sinking fund amount is divided by the total number of unit entitlements, and then this amount is multiplied by each owner’s unit entitlements. As an example, if an owner’s corporation calculates that it needs $120,000 over 10 years, then it would need to levy $12,000 for each year. To meet the $12,000 per year, contributions would need to be levied according to the unit entitlement of each lot. If there were 20 lots in the scheme and each had the same unit entitlement, each owner would be required to contribute $600 per year to the sinking fund (note - these calculations are of a general nature only).

Reimbursement of funds

An owner’s corporation can decide, by unanimous resolution only, to distribute any money in its sinking fund to lot owners, if the owner’s corporation considers that the money is not required for the purposes of the fund.

Contributions made by owners to the sinking fund are not refundable when an owner later moves out of the strata scheme, even if the money has not yet been spent on the item that the levies were intended to fund.

Penalties and discounts

Owner’s corporations can charge 10% interest for late payment of strata contributions. However, the owner’s corporation can decide not to charge any interest on late payments, or to offer a discount for early payment of contributions.

Exemptions for two-lot schemes

Owners in two‑lot strata schemes may be exempt from the requirement to have a sinking fund if the strata buildings are physically detached, no buildings are situated outside the lots within the scheme, and the owner’s corporation passes a unanimous vote that a sinking fund does not need to be set up.

Queensland

The Act states that the Sinking Fund Budget must allow for raising a reasonable capital amount to provide for both the necessary and reasonable spending from the sinking fund for the financial year and also to reserve an appropriate proportional share of amounts necessary to be accumulated to meet anticipated major expenditure over, at least the next 9 years.

Reports can be tailored to an individual site's requirement, calculating a sinking fund forecast from the minimum requirement of 10 years to 25 years in order to cover the majority of long term expenditure

Identifies the common property items which are likely to require maintenance work and/or replacement

Estimates the year in which the maintenance is likely to occur

Estimates the cost of the maintenance in the year of occurrence

Calculates the sinking fund levy contributions necessary to meet these costs after taking into account factors such as accumulated bank interest, income tax and GST.

Most maintenance expenses accrue over time. Using a sinking fund forecast report to set the sinking fund levies ensures each owner pays a fair share of the costs attributable to their usage of the building and reduces the risk of special levies being required.

The Queensland Government in particular has responded to the point that it is now law in Queensland that bodies corporate must prepare a sinking fund forecast as the basis for providing for future maintenance expenses.

The Body Corporate and Community Management Bill 1997 became law in Queensland on 13 July 1997. This legislation makes it mandatory for every body corporate to prepare a sinking fund forecast as a basis for their annual sinking fund budget. The forecast must be for a minimum of ten years. It means that all Queensland strata title buildings will now have sufficient funds for good maintenance management.

The Sinking Fund budget is based on estimates of spending of a capital nature or non-recurrent nature and must allow for raising the necessary capital amount to provide necessary and reasonable spending for major works in the present financial year and create a reserve for anticipated major expenditure for the next 9 years. (total of 10 years)

The replacement insurance report includes all costs, from demolition and building replacement, to architect and consultant fees.

We’ve got you covered

Sinking Funds are just one of the many services offered by QBM, to help you manage your building effortlessly and in the most optimal way. Below is a list of other areas in which we can offer you guidance and assistance, taking a load off your mind and keeping you One Step Ahead.

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Click on FRANCHISEE for all other area contact details.

Asbestos

Asbestos is in the news frequently in Australia, for good reason. There is a massive effort to eradicate or safely seal all asbestos containing products (ACM) and structures nationwide, in attempts to prevent asbestos disease from claiming more Australian lives. Asbestos audits are required in non-residential buildings, and homeowners are encouraged to remove or contain deteriorating asbestos products. Today, home renovations are not undertaken without government guidance, to prevent releasing asbestos.

Fire Safety

All Australian States have specific Fire Safety Regulations in place to ensure every workplace provides fire evacuation plans and procedures as well as instructional diagrams and appropriate training for all staff. QBM has implemented these requirements for thousands of businesses and organisations throughout Australia.

Commercial

QBM work with you to ensure your building standards meet the current legislation. Before work commences we report on the state of the building, ensuring that only the work you may be liable for needs to be undertaken.

We test asbestos, complete audits and reports as well as organise the removal of asbestos. Building Fire Safety regulations are a great priority, we can train your entire staff and report on the building compliance.

Training Courses

QBM have the experience, knowledge and training to service all of your training needs.With the changes to legislation and the increasing responsibility to business owners and Body Corporate Managers, QBM can lift even more of that burden from your shoulders. As a business owner or manager, you have a responsibility to ensure your staff understand the safety risks present within the workplace. You are also required to ensure that they are equipped with the knowledge and skills to handle a potentially dangerous situation. High standard training can prepare your staff by enabling them to prevent or safely respond to dangerous situations.

Terms And Condition

Services Terms and Conditions

All Services

Electronic copy of report emailed as a PDF file only unless otherwise stated on quote

Audit applies to common areas only unless other stated or ordered

1 only site visit has been allowed. If a return visit is required, then additional site fee of $300 will be incurred;

All reports will be supplied in an electronic format unless otherwise requested. A printing, postage and handling charge is applicable for hard copy reports;

The collection of keys for internal access is not included in the above price. Collection of keys from agents will incur a fee of $50 per collection.

No allowance has been made within this quote for the cost of any other contractors

Does not include physical inspection of the roof over 2.4m in height unless specific allowance is mentioned for the use of Cherry Picker

Price includes only a single scheme, single site, single Body Corporate, and single CTS.

Price includes only a single format plan complex;

Asbestos Materials Report and Register – Initial Audit

The purpose of this report is to provide an independent analysis of the presence of asbestos containing materials within the common areas of the complex. (No internal units are to be inspected unless these have been ordered and additional charges are applied.)

Inclusions

Full inspection of all common property areas and structures on site that are accessible without entering a lot to visually identify any asbestos materials onsite

This is a visual audit only

The collection of asbestos samples as required & delivery to NATA accredited Laboratory

Exclusions

Additional charges will be incurred for all lifts and ducted air conditioning onsite. QBM is to be notified of these upon a work order being placed so the additional charges can be approved. If QBM is not notified and we attend site these areas will not be inspected and will be noted on your report as inaccessible

No allowance has been made within this quote for the cost of a mechanical contractor to provide access to the ducted air conditioning and or lifts should they be on site. We suggest that your regular maintenance contractor be used and invoice you directly. Should you wish QBM to be invoiced and on-charge the cost of the mechanical contractor, a 20% administration fee will be added to the contractor’s invoice

Sample Analysis is an additional fee (see quote) and permission will be requested unless already provided to have these tested for the additional amount

The purpose of this report is to review a previously compiled Asbestos Material Report and Register for any changes and provide an updated current report and register.

Inclusions

A re-assessment of all previously assumed &/or positively identified asbestos items and report upon the current condition. The most current report must be present at the time of quoting if not previously completed by QBM

This is a visual audit only

The collection of asbestos samples as required & delivery to NATA accredited Laboratory

Exclusions

No allowance has been made within this quote for the cost of any other contractors as this is a re-assessment only of previously identified asbestos materials.

No allowance has been made for a new inspection of the property to look for additional items.

This report does not cover or look for building defect or health and safety issues outside of the asbestos.

The purpose of this report is to provide a detailed analysis of all balcony’s and balustrades within the property. To complete the inspection, the internal of units will need to be accessed to view the balcony and balustrades.

Inclusions

Inspection for height of top rail, bottom rail and compliance of the balustrade configuration with Part D2.16 of the BCA

QBM must be supplied with a current listing of all owners details when the order is placed;

QBM must be supplied with a current listing of Property Managers for all rental units;

Access must be granted on the mutually agreed date for all units that are to be inspected;

Only one visit to site is included. Additional visits will be charged at our standard consultancy rates;

All unit owners who wish to have their units inspected for this service must be notified and have their acceptance to QBM, 5 working days prior to the inspection date; or

QBM will make contact with owners and Property Managers to arrange access;

This report is to specifically report on building defects and does not include the identification or design of rectification requirements;

The collection of keys for internal access is not included in the above price. Collection of keys from agents will incur a fee of $50 per collection.

This quotation is based upon a visual inspection only;

This inspection is designed to not break or damage any items on site as may be the case if physical loading equipment is utilised;

The inspection cannot identify aluminium alloy and temper on site;

The inspection does not include checking concrete embedded parts of fixings etc;

No glass testing in included;

No designs or specifications will be provided

Builder’s Warranty Inspection and Report - Initial Survey

The objective of this Report is to provide sufficient information on the condition of the property to allow the client to make informed decisions on maintenance and will provide sufficient detail to issue to the builder for rectification of any structural issues covered in their Builder’s warranty.

The report will also be suitable to issue to the Builder's with a claim for rectification works.

After the completion of the inspection and report, the committee may wish to proceed to the assessment of the warranty items, submission to the builder's insurance scheme, and meeting with the Builder/Developer.

A separate quote on the committees' requirements, based on the inspection findings and recommendations can be supplied after the finalisation of the above report.

It is highly recommended that the Body Corporate includes the internal of each unit as part of the inspection as there may be structural items which are the responsibility of the Body Corporate but only visible from the internal of units.

The committee needs to be prepared prior to the inspection by listing all their concerns and provide any background information such as what has previously been sent to the builder and any actions taken by the builder or the committee.

If the internal of units are to be included, then the owners need to be prepared prior to the inspection by listing all their concerns and provide any background information such as what has previously been sent to the builder and any actions taken by the builder or the owner.

Report will form Stage 1 of the process to have builder repair defects within the common areas

Detailed inspection of the Common areas of the complex and identification of visible building faults or defects

Meeting on site with committee representative on site to discuss and inspect issues

Separation of issues into a listing of who is responsible for rectification

Preparation of a written report with photographic evidence and recommendations

When the inspection of the internal of units has been ordered, the following condition apply:

QBM must be supplied with a current listing of all owners details when the order is placed;

QBM must be supplied with a current listing of Property Managers for any rental units;

Access must be granted on the mutually agreed date for all units that are to be inspected;

Only one visit to site is included. Additional visits will be charged at our standard consultancy rates;

All unit owners who wish to have their units inspected for this service must be notified and have their acceptance to QBM 5 working days prior to the inspection date

The collection of keys for internal access is not included in the above price. Collection of keys from agents will incur a fee of $50 per collection

This report is to specifically report on building defects and does not include the identification or design of rectification requirements

This report does not include comparisons between the original design and actual construction

Inspection of the internal of units unless specifically ordered

Submission of report to builder or Builders Warranty insurer. A separate quote will be provided if there are defects covered by the builder's warranty

Does not consider safety issues, Engineering design or inspection, Additional site meetings, Submission to builder or builder's warranty

Additional site inspections

Additional Limitations and Conditions (See notes listed further down the page)

Defect Assessment (Condition Assessment) Report

The purpose of this report is to provide a listing of building defects and maintenance works that are required to be rectified.

Inclusions

A full and detailed on-site inspection of all common areas of the property to identify visual defects and maintenance issues present

Provide a detailed description and location of any identified issues

Condition and listing of all surrounds to each building including parking and paths

Full Photographic evidence

No cost estimates are provided in this report.

Exclusions

This report is to specifically report on building defects and does not include the identification or design of rectification requirements

This report does not include comparisons between the original design and actual construction

Inspection of the internal of units unless specifically ordered

Does not consider the following issues: safety, Engineering design or inspection, Electrical defects, Landscaping, Plumbing, presence of Asbestos or any other harmful substances, Fire Services, Fire separation to individual units, Site levels

Does not include a re-inspection after the completion of works

Does not identify or list the responsibilities for repairs of defects

Additional Limitations and Conditions (See notes listed further down the page)

The report is designed to be published only by the Strata Manager to unit owners and the respective insurance company.

The calculations in the report will be based upon the current Reed Construction Data powered by the Cordell Building Cost Guide

The report will be in the following format:

Replacement Building/s and Improvements: $0.00

Allowance for:

Cost Escalation $0.00

Calculated at 5% over the period

Professional Fees $0.00

Demolition $0.00

GST Component $0.00

Total Building Replacement cost estimate $0.00

Inclusions

Building Format Plan Site (BUP)

Development of a Building Replacement Cost Estimate for the whole complex

Standard Format Plan Site (GTP)

Separate listing of building replacement cost estimates for each lot

The building replacement cost estimates will only include "as constructed" buildings. Any structures or improvements to lots after construction will not be included unless the lot owner supplies full details and actual construction or installation costs

Exclusions

Structural or ground improvements to exclusive use areas are the responsibility of the owners and will not included in the insurance valuation

Changes required to completed report will be at standard consultancy rate

The report is not an engineering survey of improvements or status of the building and its contents

The report is only for insurance replacement purposes, and not an evaluation of the market value of the property

The calculations in the report will be based upon the current Reed Construction Data powered by the Cordell Building Cost Guide

This does not include an asset register however one can be completed for an additional fee.

Maintenance Audit Report (12 month) Report

The purpose of this report is to provide an listing of maintenance works that are required to be rectified within the next 12 months.

Inclusions

Onsite Inspection including all common areas and floors to identify visual maintenance issues that require rectification within the next 12 months present within common areas of building/s

Listing of maintenance issues required to be rectified within the next 12 months

Exclusions

This report is to specifically report on building defects and does not include the identification or design of rectification requirements

This report does not include comparisons between the original design and actual construction

Does not consider safety issues, Engineering design or inspection,

Does not include a re-inspection after the completion of works

Does not include cost estimates for repairs / maintenance issues identified

Additional Limitations and Conditions (See notes listed further down the page)

Safety Risk Assessment (WHS) Audit Report

To report upon any issues that may affect the safety of occupants, tenants and visitors to the complex

Inclusions

Onsite Inspection including all common areas and floors to identify visual safety issues that require rectification within common areas of building/s

Listing of safety issues identified on site

Listing of items that are of a risk to the occupants and users of the property and grounds

Unless it is stated that the items are mandatory under legislation, any recommendations given are from a trained safety professional

Exclusions

This report is to specifically report on safety items and does not include the identification or design of rectification requirements for building related or construction defects

Does not include a re-inspection after the completion of works

This is NOT a Code Compliance inspection; Does not include physical inspection of the roof

Additional Limitations and Conditions (See notes listed further down the page)

The purpose of this report is to report upon issues that may affect the safety of occupants, tenants and visitors to the complex and also provide a listing of maintenance works that are required to be rectified within the next 12 months.

Inclusions

Onsite Inspection including all common areas and floors to identify visual safety issues that require rectification within common areas of building/s

Listing of safety issues identified on site

Listing of items that are of a risk to the occupants and users of the property and grounds

Unless it is stated that the items are mandatory under legislation, any recommendations given are from a trained safety professional

Onsite Inspection including all common areas and floors to identify visual maintenance issues that require rectification within the next 12 months present within common areas of building/s

Listing of maintenance issues required to be rectified within the next 12 months

Exclusions

This report is to specifically report on safety items and does not include the identification or design of rectification requirements for building related or construction defects

Does not include a re-inspection after the completion of works

This is NOT a Code Compliance inspection; Does not include physical inspection of the roof

This report is to specifically report on building defects and does not include the identification or design of rectification requirements

This report does not include comparisons between the original design and actual construction

Does not consider safety issues, Engineering design or inspection,

Does not include a re-inspection after the completion of works

Does not include cost estimates for repairs / maintenance issues identified

Additional Limitations and Conditions (See notes listed further down the page)

Section 58 Maintenance Audit (Div 10) Report

The purpose of this report is to provide a listing of maintenance works that are required to be rectified within the next 12 months with an estimate of costs for such planned works

Inclusions

Onsite Inspection including all common areas and floors to identify visual maintenance issues that require rectification within the next 12 months present within common areas of building/s

Listing of maintenance issues required to be rectified within the next 12 months

Full Photographic evidence

Exclusions

This report is to specifically report on building defects and does not include the identification or design of rectification requirements

This report does not include comparisons between the original design and actual construction

Inspection of the internal of units unless specifically ordered

Does not consider safety issues, Engineering design or inspection,

Does not include a re-inspection after the completion of works

Prices and estimates supplied are estimates only and are not fixed quotes

Additional Limitations and Conditions (See notes listed further down the page)

Sinking Fund Forecast

The purpose of this report is to provide an independent analysis of the requirements for expenditure and contributions towards the Sinking Fund of the complex.

Inclusions

15 year Forecast for the Body Corporate areas only

Any items requiring inclusion into the forecast, such as upgrades, repainting, planned repairs, etc. should be supplied to QBM prior to the inspection. Any alteration to the report from failure to provide this information will incur additional costs

This report identifies and evaluates the funding requirements for items requiring capital expenditure as detected by site inspection, or by reference to plans and specifications, or by making reference to an assessment of the life expectancy of items within the complex.

Life expectancies and planned years to replacement used in this report are intended as a guide only for the purposes of determining a reasonable budget allowance for each year covered by this report. The allowances given for replacement costs are NOT fixed quotes and should only be used for budgeting purposes.

The report is a representative of the required maintenance and upgrade works required to keep the complex in a suitable condition over a period of time.

Exclusions

Changes made to completed report will be at standard consultancy rate

Sinking Fund Forecasts are NOT detailed condition or maintenance assessments

Items of a recurrent nature covered by the Administration Fund will not be included in this report

Additional Limitations and Conditions for;

Builder’s Warranty Inspection and Report - Initial Survey

Defect Assessment (Condition Assessment) Report

Maintenance Audit Report (12 month) Report

Safety Risk Assessment (WHS) Audit Report

Section 58 Maintenance Audit (Div 10) Report

The inspection is performed in accordance with the Australian Standards AS4349 –1995. This is not a Building Code or By-Law compliance inspection.

No comment is offered on any environmental concerns including such things as urea formaldehyde foam insulation, asbestos, or lead paint. We have however, if necessary recommend when and if specialist inspections services are required.

The report is a professional opinion based on a visual inspection of the accessible features of the property. Without dismantling the buildings or its systems, there are limitations to such and inspection. Throughout any inspection, references are often drawn which cannot be confirmed by direct observation. Therefore, it should be understood that we can reduce the risk of purchasing or holding the property, however, we cannot eliminate it completely.

The report is not an all encompassing report dealing with the building from every aspect. It is a reasonable attempt to identify any obvious or significant defects apparent at the time of the inspection relating to the services requested. Whether or not a defect is considered significant or not, depends, to a large extent, upon the age and type of the building inspected.

The report is not a Certificate of Compliance with the requirements of any Act, Regulation, Ordinance or By-law.

It is not a structural report. Should you require any advice of a structural nature you should contact a structural engineer.

The inspector cannot see inside walls, between floors, inside skillion roofing, behind stored goods in cupboards, other areas that are concealed or obstructed.

The inspector will not dig, gouge, force or perform any other invasive procedures.

Visible timbers cannot be destructively probed or hit without the written permission of the property owner.

This Report does not and cannot make comment upon: defects that may have been concealed; the assessment or detection of defects (including rising damp and leaks) which may be subject to the prevailing weather conditions; whether or not services have been used for some time prior to the inspection and whether this will affect the detection of leaks or other defects (eg. In the case of shower enclosures the absence of any dampness at the time of the inspection does not necessarily mean that the enclosure will not leak); the presence or absence of timber pests; gas-fittings; common property areas; environmental concerns; the proximity of the property to flight paths, railways, or busy traffic; noise levels; health and safety issues; heritage concerns; security concerns; fire protection; site drainage (apart from surface water drainage); swimming pools and spas (non-structural); detection and identification of illegal building work; detection and identification of illegal plumbing work; durability of exposed finishes; neighbourhood problems; document analysis; electrical installation; any matters that are solely regulated by statute; any area(s) or item(s) that could not be inspected by the consultant. Accordingly this Report is not a guarantee that defects and/or damage does not exist in any inaccessible or partly inaccessible areas or sections of the property. (NB Such matters may upon request be covered under the terms of a Special-purpose Property Report.)

In the event of any controversy or claim arising out of, or relating to this Report, either party must give written notice of the dispute to the other party. If the dispute is not resolved within ten (10) days from the service of the Notice then the dispute shall be referred to a mediator nominated by the Inspector. Should the dispute not be resolved by mediation then either party may refer the dispute to the Institute of Arbitrators and Mediators of Australia for resolution by arbitration.

This report is based upon and conditional upon the information provided by the person, employees or agents of the person requesting this report. Thus, any false or misleading information provided will exempt the company from any liability for decisions taken based on this report’s recommendations, where such recommendations are based upon information provided to the company.

QBM shall not be liable for missing information due to the concealment and/or apparent concealment of defects or possible defects by the person, employees or agents of the person requesting this report, or the owner, employee or agent for the owner.

Due to prevailing and seasonal weather conditions this Standard Property Report is subject to and conditional upon the following:

The instance of and causes of rising damp may not be identifiable. Thus, unless specifically stated in the Inspection Results, this report does not cover the identification of ‘rising damp’.

The instance of and causes of water leaks in roofs, walls, floors, windows and/or doors may not be identifiable. Thus, unless specifically stated in the Inspection Results, this report does not cover the identification of ‘water leaks’.

Payment Terms – Applicable for all services

The following payment terms apply to all invoices, submitted by Quality Building Management Pty Ltd, hereinafter referred to as “QBM” as follows;

Invoices will be submitted by QBM upon completion of the relevant service as requested by the Body Corporate/ Owners Corporation or its authorised representative.

Invoices have a strict fourteen (14) day payment term from the date of the invoice.

By accepting a quote from QBM and placing an order, the Body Corporate/ Owners Corporation guarantee that they will provide payment for all invoices submitted for authorised works and any authorised additional charges.

If payment is not made in accordance with QBM’s terms and conditions, then Interest and administration charges of 3% per month or part thereof on the monies due shall be incurred.

The Body Corporate/ Owners Corporation agrees to pay the whole amount due as shown on the invoice plus any interest and administration charges as stipulated above.

The Body Corporate/ Owners Corporation accepts that if the invoice/s is not paid within forty five (45) days from the date of invoice, then the Body Corporate/ Owners Corporation is liable for and agrees to pay all costs, fees, charges and disbursements (including agency commissions, and legal costs on a solicitor/client basis) incurred or to be incurred by QBM in recovering any monies due to QBM pursuant to these terms and conditions and pursuant to acceptance of the quote provided by QBM.

The ‘Fine Print’ – Applicable for all services

You (the Customer named in the Customer Schedule) have requested QBM to prepare the Report with respect to the Property which QBM has agreed to do for the Fee.

The Fee/Invoice must be paid according to our payment terms

These terms are fixed unless prior arrangements have been made

The Fee includes any additional expenses detailed in the Services Schedule

Invoicing is made under the Building and Construction Industry Payments Act Qld 2004

Payment must be made within 14 days of the invoice date as per the above mentions payment terms

You have assured QBM that:-

You have a lawful right to allow QBM to enter and inspect the Property

The Property will be made available for inspection at the time/date specified in the Services Schedule

QBM will prepare and deliver the Report to you with the invoice electronically in PDF format within a reasonable time after the inspections is carried out

You acknowledge and agree with QBM that:-

QBM will provide the Report in writing which will comprise the whole of the Report

You should not rely on any verbal assurance or statement made by QBM (it's officers, servants or agents) with respect to the Property or the Report and you accept that the written document comprising the Report comprises the whole of the Report made to you in terms of this agreement

Unless expressly provided in the Report the Report offers a visual inspection of accessible areas of the property to determine if, at the time of inspection, the identified areas were performing their intended function without regard to life expectancy;

The purpose of the Report is as stated in the Report;

Unless expressly provided in the Report inspections are visual, and rely upon the opinion, judgment and experience of QBM and are not intended to be technically or mechanically exhaustive. The determination of conditions that may have occurred prior to the inspection that may be hidden or not readily visible during the inspection are excluded;

Unless expressly included in any report the determination of the presence of or damage caused by termites or any other wood damaging insects or organisms is excluded.

Insurance cover is not available to cover asbestos inspections. You the Client agree to indemnify QBM against all claims, events or risks that may arise from the work undertaken as a result of this inspection.

You acknowledge and agree that the Report is given to you for your own use and is not given for any other purposes or to any other person or corporation except as may be expressly provided for in the Report. You are not entitled to use, publish or copy the Report for any purpose other than your own personal use without the written consent of QBM.

You acknowledge that the Report is given to you as the Customer and to no other person or corporation and your interest in the Report may not be assigned or otherwise dealt with to any third party without QBM's written consent.

The Property shall at all times remain at your risk and QBM will not be liable to any person in respect of loss, destruction or damage to the Property or to any other property or person whilst the Property is being inspected by QBM and loss or damage referred to in this clause shall mean and include without limitation, loss or damage caused by the negligence or willful act or default of QBM or any other person whether or not such loss or damage is foreseeable or contemplated by QBM.

Where any act of Parliament implies in this agreement any term, condition or warranty and that act avoids or prohibits provisions in a contract excluding or modifying the application of, or exercise of or liability under such term, condition or warranty then that term, condition or warranty shall be deemed to be included in this agreement. However, the liability of QBM for any breach of that term, condition or warranty shall be limited, at the option of QBM to:-

the provision of a further report at no cost to the Customer; or

the payment of an amount equal to the Fee by QBM to you.

Subject to the preceding clause you undertake and agree to indemnify and keep indemnified QBM against all actions, claims, proceedings, costs, losses or damage whatever and howsoever caused or arising which QBM may sustain, incur or pay in connection with or arising from the provision of the Report and inspection of the Property in connection with or occasioned as a result of the negligence of QBM or any other person or corporation and you acknowledge that it is agreed to be the responsibility of the Customer to effect insurance on the Customer's behalf in respect of those matters for which this indemnity is given.

If the Customer is a company the person or persons who have signed this agreement on its behalf acknowledge that they are officers duly authorized to enter into this agreement on behalf of the Customer and further acknowledge that they requested QBM to enter into this agreement with the Customer and in consideration of that agreement hereby (and if more than one jointly and severally) guarantee to QBM the due and punctual performance by the Customer of all of the terms and conditions of this agreement and further agree to indemnify and keep indemnified QBM against any loss or damage howsoever arising which QBM may suffer in consequence of any failure by the Customer to perform its obligations under this agreement or for any other reason whatsoever and this guarantee shall not be effected or discharged by the granting to the Customer of any time or other indulgence or consideration or transaction whereby the liability of the signatories would, but for the provisions hereof, have been effected or discharged.

It is considered that these terms and conditions have been agreed upon if you the Client issues a purchase order in lieu of signing this agreement.

Each provision set out in this agreement is to be construed as a separate limitation applying and surviving even if for any reason one or other of those provisions is held to be unenforceable, inapplicable, unfair, harsh or unconscionable in any circumstances.

Any dispute arising under this agreement shall be subject to the law and jurisdiction of the State of Queensland and wherever possible the Courts or authorities in the City of Brisbane.

The final report will be based upon and conditional upon the information provided by the person, employees or agents of the person requesting the report. Thus, any false or misleading information provided will exempt the company from any liability for decisions taken based on this report’s recommendations, where such recommendations are based upon information provided to the company.

QBM shall not be liable for missing information due to the concealment, now or in the past, and/or apparent concealment of asbestos, defects or possible defects by the person, employees or agents of the person requesting this report, or the owner, employee or agent for the owner of the building now, in the past, or in the future.

If at a later date, materials are identified, QBM should be requested to investigate if any asbestos materials are present.

The report will not be intended to be, nor will it be construed as, a guarantee or warranty, nor as any form of insurance expressed or implied. The inspector nor QBM will not be responsible for any repairs or replacements with regard to this property or the contents thereof.

During the audit, a thorough investigation will be undertaken to identify and locate all visible materials that may contain asbestos. However, due to the hidden locations, lack of access to wall cavities etc, no guarantee can be given that the audit process will identify all such material. Nor should it be construed that the audit has identified all such materials within the building.

No inspection will be conducted on the ground or soil anywhere within the complex. The inspection only covers the building/s on site and not the ground or soil upon which the complex is built.

The inspection will be undertaken in a non-destructive manner, and as such, there may be areas where ACM exists which have not been detected. Examples of such areas are wall cavities, beneath floors/slabs and floor coverings, within plant, hidden pipe work, cavity walls, encapsulated areas and so forth.

Areas that were not accessed during the inspection must be considered in the event of future major refurbishment or demolition work. It should be noted that a non-destructive inspection cannot be regarded as absolute, and all due care and caution must be exercised in the planning stages of any future building or demolition work